Curran and Steve Smith, with Jones Lang LaSalle, representedTIAA-CREF, the owner of the building, in the transaction. BillMass, with Mass Realty, represented SSR. The firm will move intothe new space, occupying the entire 38th floor, in April. "This isthe second to the top floor of the building and the views in thiscase were a critical component for Stout," Curran says. "They werelooking to not only upgrade their space but also their image, soviews played a very important role in this deal."

|

The lease included yearly escalations and incentives including"tenant improvement dollars consistent with what a tenant would geton an 11-year lease and a free rent component," Curran says. Curranwould not disclose the lease rate but says the high-rise portion ofthe building is being marketed at between $20 per sf to $23 per sfnet.

|

One South Wacker, a 40-story, 1.2-million-sf building, hasundergone renovations over the past two years totaling $7 million,Curran says. Work included the renovation of the exterior plaza infront of the building, elevator renovations and work on the commoncorridors and bathrooms. A fitness center was also added to thebuilding. The building is currently 84% leased. Major tenantsinclude Atlantic Trust Group, Bank of America, Citigroup, Dow Jonesand Fannie Mae.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.